The Russian central bank on Wednesday moved to stem the country's growing financial crisis by cutting minimum reserve requirements
Published:
8 July 2004 y., Thursday
The Russian central bank on Wednesday moved to stem the country's growing financial crisis by cutting minimum reserve requirements and pledging support for a takeover of the troubled Guta Bank by the state-controlled Vneshtorgbank.Sergei Ignatiev, the central bank governor, told the Russian parliament that his institution would provide support for a takeover of Guta, which became the most high-profile victim of the payment difficulties when it suspended operations on Tuesday.
Guta, which is owned by Guta Group, a holding company controlled by tycoon Yury Guschin, said it had approved the takeover plan, as hopes rose that depositors would be able to withdraw money again from its branches around the country by next week.
Mr Ignatiev played down suggestions of a crisis or the risk of default, and denied reports there was a "black list" of other institutions likely to be closed by regulators.
Šaltinis:
ft.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
When you fill up your car with petrol you often find that your hand will reek of petrol unless you have worn gloves.
more »
The EU is going through its worst recession since WWII. Inflation has slowed, but employment and public finances are hard hit. The situation should stabilise in 2010.
more »
In the current economic environment, banks should carefully analyze the current and future total cost of ownership of their technology assets, and evaluate the outsourcing alternative.
more »
Commission proposes first EU law on hedge funds and issues guidelines on bank pay practices.
more »
On 30 April, Lithuania’s Minister of Foreign Affairs Vygaudas Ušackas took part in the round table discussion “The European Union’s External Trade Policy and Lithuania’s Positions: Threats and Possibilities for the Lithuanian Industry”.
more »
Since 28 April this year, the clients of AB Bank SNORAS will be able to process their financial matters in a clearer and more user-friendly environment of “Internet Bank+” system.
more »
2009 ageing report: Europe tackling the challenge of an ageing population but the recession threatens a setback.
more »
More choice, investment and security of supply lie at the heart of the 3rd energy package.
more »
Swine flu, a new strain of influenza, has so far left more than a hundred dead. But in one sector, the illness could have huge benefits.
more »
Central European bargain hunters are crossing borders for the best buys. Slovakian shoppers in Hungary are making the most of their new eurozone membership.
more »